A lease instrument for any of the following leases is not chargeable with duty under this Chapter:
(a) a lease for a term of less than 1 year whose total cost is not more than $3,000;
(b) a lease for a term of 1 year or more whose total cost is not more than $3,000 per year;
(c) a lease for residential purposes;
(d) a lease to a hospital, school or charitable organisation or to a trustee for a hospital, school or charitable organisation in that capacity;
(e) a lease to a prescribed person.